NEW DELHI: Chinese online media company
Sina Corporation is to buy the core assets of country’s digital media company Focus Media for more than $ 1 billion in an attempt to seek growth in its advertising revenues.
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Sina Corp CEO Charles Chao said, “We want to be a powerhouse for new media advertising.” As per the deal, Sina will gain control of Focus Media‘s network of outdoor advertising posters and LCD screens in hotels, offices and residential buildings while the remaining like Allyes, online advertising agency, a few traditional billboards and cinema advertising business will remain with Focus Media. |
| With this deal, Sina Corp is expecting to gain access to an additional upmarket audience and cross-selling opportunities from its online platform.
Earlier in February 2007, Focus Media had acquired Allyes. However, it had failed to create synergies with its advertising network based in shops and outdoors. The two companies said they aimed to close the deal in the first half of 2009. |
